Bitcoin ETF Outflows Soar as BTC Price Hits Key Support Levels

Bitcoin ETF outflows have been on the rise in recent days, with a significant net withdrawal recorded on March 27. According to Farside data, BlackRock's IBIT accounted for $201.5 million of the $225.5 million total outflow. Bitwise and ARK 21Shares also lost $18.6 million and $5.4 million respectively.

The BTC price has been under pressure in recent days, slipping below a key short-term structure and towards the $66,000 area. Heavy long liquidations and options expiry have contributed to this decline, with CoinGlass data showing roughly $449.9 million in crypto liquidations over 24 hours. Long positions took most of the hit.

The market reaction to the Bitcoin ETF outflows has been significant, with some traders speculating that a rebound could be on the horizon if support around $65,000 holds. However, the near-term structure remains shaky, with repeated rejections at the $68.4K to $69.2K area indicating firm resistance.